If you are
facing foreclosure…
or want to purchase pre-foreclosure property…
I CAN HELP!
Today, more than 1 in 10 homeowners are facing the possibility of losing their homes to foreclosure due to a hardship, they are delinquent in paying their mortgage payments, they are upside down in what they owe to their mortgage lender due to economic and market conditions, and they are financially insolvent. Additionally, many buyers have less buying power than they did in years’ past.
If you, or someone you know, is in this situation, please call me ; There ARE Options!
Of the approximately 1.4 million Realtors® nationwide, there are less than 1 percent who are a Certified Distressed Property Expert (CDPE). Of about 3,400 Realtors® in the Pikes Peak region, less than 300 hold the CDPE designation.
Short sale sellers and buyers absolutely require the assistance from someone who has the knowledge, experience, and materials necessary to properly assess their needs and aggressively negotiate and close a short sale on their behalf.
When I became a licensed Realtor®, I chose to become one of the leading experts on the challenges homeowners and buyers face. I offer sincere, high quality service, and my goals are to provide the best full-service Real Estate attention to every single client.
Call me today...don’t delay...I want to help!!!
NYLA YOUNG (719) 660-2811
IRS answers your questions about the "Home Foreclosure and Debt Cancellation"
Distressed Property Defined:
The definition of a distressed property:
• Property that is in poor physical condition.
• Property that is or will soon be in some stage of the foreclosure process.
• Property owned by a person or persons who is or are experiencing a period of financial instability.
• Property on which the mortgages total an amount higher that the current value and an owner must sell.
What is a Certified Distressed Property Expert (CDPE)? A CDPE is someone (generally a Realtor®) who has attended extensive training and has the knowledge, experience, and materials available to help homeowners facing foreclosure...and...buyers looking to purchase pre-foreclosure properties, successfully negotiate and close a “short sale” on their behalf. I am one of only a small percentage or Realtors in Colorado with CDPE.
The definition of a “short sale”: A negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan (including seller’s closing costs and commissions) at closing.
Seller qualifications for a “short sale”:
• A hardship situation that must be approved by the lender(s).
• Delinquent in monthly mortgage payments (approximately 3 months).
• “Upside down” in what is owed to the lender(s) due to economic / market conditions.
• Must be financially insolvent.
What is an Acceptable Hardship: A material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage. Examples of a hardship are:
• Payment increase or mortgage adjustment
• Loss of job
• Business failure
• Damage to property
• Death of a spouse
• Death of family members
• Severe illness
• Inheritance
• Divorce
• Separation
• Relocation
• Military service
• Insurance or tax increase
• Reduced income
• Too much debt
• Incarceration
What is the Insolvency Requirement? A homeowner must not be able to pay down the mortgage. A short sale client has to befinancially insolvent, meaning that they have to owe more than he/she has or that the client does not have liquid cash or assets that could be used to buy-down their mortgage.
How can I, as a CDPE, help you? If a homeowner qualifies to sell their property short, then it is imperative that they begin this process before it’s too late. It is possible to stall a foreclosure if the lenders know that a homeowner is actively and
aggressively marketing their property for sale. Once an offer is received from a uyer on the property, the lender will negotiate the acceptance, and the buyer will purchase this property short.
Top reasons to avoid foreclosure:
• The client will always have to disclose a foreclosure on any mortgage application and many job applications they submit in the future, and this can have an adverse affect on future mortgage rates.
• Credit scores will be lowered by 300+ points, and a foreclosure is the most devastating credit issue someone can have in relation to future credit availability.
• Security clearances and government positions, including but not limited to military and law enforcement, can bejeopardized by a foreclosure.
• Many employers run credit checks on prospective employees, and foreclosure is one of the top items that will put apotential new hire in jeopardy.
Nyla Young Realtor, CDPE, QSC, ABR, LHP (719) 660-2811
